• Ethereum dips to $4,378 amid $1.62B institutional buying, signaling renewed investor interest.
• Technical analysis shows ETH may rally toward all-time highs if $4,100 support holds.
• ETH futures trading spikes 114%, highlighting short-term market enthusiasm and increased liquidity.

Ethereum sees a major pullback while institutional investors are buying heavily, and analysts forecast a potential upswing if major support holds. At the time of writing, Ethereum (ETH) stood at $4,378, down -3.32% over the last 24 hours. The token had a 24-hour trading volume of $103.85 billion and a market capitalization of $522.99 billion.

Ethereum Market Heats Up as Major Investors Take Action

In spite of the slight decline, the Ethereum market is attracting renewed interest from major investors. Well-known crypto analyst Ash Crypto disclosed that TOM LEE’s Bitmine Immersion has launched a massive $1.62 billion ETH buying spree. This significant purchase may influence price movement and renewed buying interest in subsequent sessions.

Ethereum Set for Bullish Rally if Key Support Holds

At the same time, the analyst, More Crypto Online, highlighted a technical view of ETH’s price movement. He explained that if Ethereum does not slip below the 78.6% retracement level of approximately $4,100, there is room for one more bullish rally. It may take ETH toward an all-time high, completing what he regards as ‘wave 5 to the upside.’

The integration of large-scale investment and technological assistance indicates that ETH may be preparing for a resurgence. Meanwhile, the present decline offers investors an opportunity to enter the market at lower rates.

Also Read | Ethereum Technical Outlook: Bulls Eye Explosive $4,500 Breakout

Ethereum Futures See Big Trading Spike

Ethereum (ETH) futures registered a huge spike in trading activity, with trading volume up 114.57% to $162.77B. The sudden spike indicates investors are flocking to ETH, pushing up liquidity and propelling larger market movements. Gains in trading volume often indicate renewed interest and enthusiasm in the asset.

Nevertheless, open interest dropped -4.31% to $61.94 billion, illustrating that, though there are investors, fewer are opening positions. This suggests that much of it is short-term trading and not long-term positions. When the volume is high and open interest is low, it usually points to fast speculation moving the market.

On the sentiment side, the OI-Weighted funding rate is 0.0080%. When positive, it means that long investors are paying short dealers, indicating a mild bullish bias. Although it is a small percentage, it indicates that more investors expect ETH rates to rise.

ETH futures are experiencing high activity overall. The large spike in volume indicates enthusiasm. However, the decline in open interest and the moderate funding rate suggest the market is bullish but cautious. Investors are undoubtedly active, but the next significant movement will determine if momentum prevails.

Also Read | Ethereum Price Targets $4,500 After Pullback, Market Eyes Accumulation Zone